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Corporation Bank PMAY Home Loan

Corporation Bank Home Loan can be availed for construction of house/flat, purchase of ready built house/flat/flat under construction in urban areas, carrying out repairs/ extension/addition of rooms, kitchen, toilet etc., to existing dwelling unit in urban areas. Repairing work can be undertaken in houses which are kucha, semi pucca and require extensive renovation.

The houses constructed or to be acquired should be in the name of the female head of the household or jointly in the name of the husband and wife. If there is no adult female member in the family, the dwelling unit/house can be in the name of male member of the household. This is applicable only for new purchases and not for new construction (on an existing piece of land) or for repairs of an existing house. Under PMAY registration Charges, Stamp Duty, Documentation Charges not to be included in the project cost but if the price of the house or the dwelling unit does not exceed Rs. 10 lakhs then registration charges, Stamp Duty, Documentation Charges will be included in the project cost.

In the larger interest of the EWS category and LIG category, Corporation Bank brought out the most customized home loan at the lowest interest rates without levying any processing fee and prepayment charges.

Beneficiary of PMAY should be a permanent resident of any of the urban area which falls under the 4041 statutory towns as per census 2011.

The beneficiary family should comprise of husband, wife, unmarried sons and/or unmarried daughters.

The beneficiary family of PMAY should not own a ‘pucca’ house in his/her name or in the name of any of his/her family member.

EWS beneficiary of PMAY should have an annual income of Rs. 3 lakhs.

LIG households should have an annual income between Rs. 3 lakhs to 6 lakhs.

Security

Mortgage of house / flat purchased out of the Bank finance is acceptable by the bank.

Guarantee

If the beneficiary is married then co-obligation of spouse is mandatory.

In the case of unmarried/divorce applicant , the applicant must provide co-obligation of parents irrespective of their age.

The joint owners of the property should belong to the same family and should be the co-applicants.

CORPORATION BANK PRADHAN MANTRI AWAS YOJNA LOAN AMOUNT ELIGIBILITY

As decided by the esteemed bank, the EWS category can avail a maximum loan amount of Rs. 10 lakhs. The LIG category can avail a maximum loan amount of Rs. 20 lakhs. The loan amount will be decided based on your annual income and repayment capacity.

Proof of Income for Salaried Applicants- Salary certificate or last 3 months salary slips, Income tax returns for the last 2 years or Form 16 and bank statements for the last 6 months.

Proof of Income for Self Employed Professionals, Self Employed Non-Professionals and Business- Proof of business existence and education qualification certificate, Business profile, Tax returns for the last 2 years (attached with audited balance sheet and P&L).

IT returns for last 2 years and bank statements for the last 12 months (both self and business). A

The Bank can request you for additional documents and proofs .

Corporation Bank Pradhan Mantri Awas Yojana Home Loan Prepayments

The bank provides the facility to prepay the outstanding amount after 6 EMIs from the date of loan amount disbursement. In the interest of the common mass the bank waived off the prepayment charges on the outstanding amount.

Corporation Bank Pradhan Mantri Awas Yojana Loan Amount Margin

As the loan is meant only for EWS category and LIG category, the bank in favour of the beneficiaries of PMAY kept the loan margin, i.e. borrowers’ contribution, at 10%. In this case the bank’s loan margin will be 90%.

Corporation Bank Pradhan Mantri Awas Yojana Loan Amount Disbursement

The loan availed by the borrower will be remitted & disbursed directly to the builder/seller.

If the property is under construction, then, loan will be released based on the progress of construction.

Corporation Bank Pradhan Mantri Awas Yojana Loan Repayment

A repayment period of maximum 15 years is available along with moratorium period of maximum 18 months.

For salaried individuals repayment period should not cross the retirement age & for non-salaried individuals repayment period should not exceed 70 years.

EMI/Notional interest of existing and proposed loan together shall not exceed 50% to 70% of net income of the borrowers.

The repayment period will vary according to the applicant’s age, age of the property and type of property.

Corporation Bank Pradhan Mantri Awas Yojana Interest Rate Subsidy

An interest subsidy at the rate of 6.5% for loan amount of Rs. 6 lakhs will be applicable to all PMAY beneficiaries and the subsidy will be available for a loan tenure of 15 yers or during the tenure of the loan, whichever is lower. For detailed description, please see our Pradhan Mantri Awas Yojna web page.